Scots housebuilder Mactaggart & Mickel has announced record turnover and believes it is on course to double the number of units it builds each year by 2010.

The family-owned firm was celebrating after annual results showed a 43 per cent increase in turnover to £53.9million with pre-tax profits also up for the fourth consecutive year to £16.5m.

Average house prices were £198,000 with 247 units built in the year to April.

Currently the Glasgow-based company has 12 sites under development and owns 2,000 acres of land in the central belt.

Ed Monaghan, managing director, said: "It was good to get the second year of our growth strategy under our belt and report such healthy results on the back of it.

"The company is committed to achieving its target of selling 500 homes per year by 2010 and our entry into timber systems and the continued investment in new land will enable Mactaggart & Mickel to consolidate its position as one of Scotland's leading private housebuilders."

Despite the market being 'sluggish' in recent months Monaghan is bullish about the growth of the company and is hopeful about Scottish Government plans to create more council housing.

However, he believes a cut in interest rates would help consumer confidence.

He said: "Inevitably there will be some slowdown as an effect of the credit crunch.

"We are seeing less people through our show homes but it is early days to be talking about a housing slowdown. I think it would be foolish to say just because the market is sluggish we would change our plans so it is business as usual.

"I would certainly be taking a keen look at the Monetary Policy Committee meeting and encouraging them to reduce rates. It would give a bit more stimulus and confidence in the economy generally."

In the coming year 13 sites are scheduled to start construction with projects including Gainsborough Court in Glasgow's West End, St. Marks Quay at Lochrin Basin in Edinburgh and Balgarth Gardens in Doonfoot, Ayr.

In March it made its first entry into the timber system business by acquiring Kelvin Kit.

Now trading as M&M Timber Systems Ltd there will be ongoing investment to minimise construction timings and develop more energy efficient homes.

Mactaggart & Mickel also plans to further develop its portfolio of rental properties located throughout Edinburgh with a current turnover of £2.3m - up slightly from £2.2m in 2006.